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Show WAITER SHEAD The Controversy on Tax Reduction T F A special session is called in December will the GOP lead-1 lead-1 ership be content with passing enabling legislation to provide pro-vide for stop-gap rehef for Europe or will they insist on taking up other legislation? Taxes, for instance. Everyone believes Ke Republicans say there is no justification for wartime taxes In peacetime peace-time and that present taxes are an unreasonable burden; that present revenue is high enough that taxes can be cut and leave enough over to pay some on the national debt; that present level of taxes is inflationary inflation-ary encouraging farmers and business to hold goods off the market in anticipation of tax cuts to allow them to retain a bigger margin of profits Democrats argue it is more Important now to create a surplus to apply on the national debt; that unpredictable foreign obligations may require a substantial increase In governmental expenditures and that a tax reduction would be Inflationary in that it would increase spending power and add to the demand for scarce goods by leaving more money in people's pockets. Whether or not the issue comes before a special session, tax reduc tion definitely will be one of the major controversial issues before the second session of the 80th congress when it reconvenes in January. |